Bank Pictet & Cie Europe AG Trims Stock Position in Rio Tinto Group (NYSE:RIO)

Bank Pictet & Cie Europe AG decreased its stake in Rio Tinto Group (NYSE:RIO) by 18.8% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 70,399 shares of the mining company’s stock after selling 16,327 shares during the quarter. Bank Pictet & Cie Europe AG’s holdings in Rio Tinto Group were worth $4,641,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of RIO. International Assets Investment Management LLC acquired a new position in shares of Rio Tinto Group during the 4th quarter worth about $7,954,000. Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Rio Tinto Group by 8.5% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 64,869 shares of the mining company’s stock valued at $4,830,000 after acquiring an additional 5,058 shares in the last quarter. J.W. Cole Advisors Inc. lifted its position in shares of Rio Tinto Group by 27.9% in the fourth quarter. J.W. Cole Advisors Inc. now owns 4,731 shares of the mining company’s stock valued at $352,000 after acquiring an additional 1,031 shares in the last quarter. abrdn plc increased its position in shares of Rio Tinto Group by 8.8% during the fourth quarter. abrdn plc now owns 215,100 shares of the mining company’s stock worth $16,016,000 after purchasing an additional 17,400 shares in the last quarter. Finally, New York State Common Retirement Fund raised its stake in Rio Tinto Group by 50.1% in the 4th quarter. New York State Common Retirement Fund now owns 340,716 shares of the mining company’s stock valued at $25,370,000 after purchasing an additional 113,778 shares during the last quarter. 19.33% of the stock is owned by institutional investors and hedge funds.

Rio Tinto Group Stock Up 0.4 %

Rio Tinto Group stock traded up $0.28 during mid-day trading on Friday, hitting $63.02. The company’s stock had a trading volume of 2,847,032 shares, compared to its average volume of 2,721,173. The stock’s fifty day moving average is $64.96 and its two-hundred day moving average is $66.25. The company has a current ratio of 1.70, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23. Rio Tinto Group has a 1 year low of $59.80 and a 1 year high of $75.09.

Rio Tinto Group Cuts Dividend

The firm also recently disclosed a semi-annual dividend, which will be paid on Thursday, September 26th. Investors of record on Friday, August 16th will be given a dividend of $1.77 per share. This represents a dividend yield of 6.8%. The ex-dividend date of this dividend is Friday, August 16th.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on RIO. Berenberg Bank lowered shares of Rio Tinto Group from a “buy” rating to a “hold” rating in a report on Thursday, June 27th. Hsbc Global Res upgraded shares of Rio Tinto Group to a “strong-buy” rating in a report on Tuesday, July 23rd. Citigroup cut Rio Tinto Group from a “buy” rating to a “neutral” rating in a report on Monday, May 20th. Royal Bank of Canada raised Rio Tinto Group to a “hold” rating in a report on Wednesday, July 31st. Finally, StockNews.com raised Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, May 21st. Five research analysts have rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy”.

Rio Tinto Group Company Profile

Rio Tinto Group engages in exploring, mining, and processing mineral resources worldwide. The company operates through Iron Ore, Aluminium, Copper, and Minerals Segments. The Iron Ore segment engages in the iron ore mining, and salt and gypsum production in Western Australia. The Aluminum segment is involved in bauxite mining; alumina refining; and aluminium smelting.